YouTube Set for Web3, Metaverse Revamp Under New CEO Neal Mohan: Details

Indian-American Neal Mohan, the newly appointed CEO of YouTube is open and rather excited to explore ways in which Web3 can make the streaming experience better on an overall basis. The Google-owned video streaming platform could soon have its nearly 75 billion monthly visitors witness how immersive the metaverse experience could be. Mohan, who had been essaying the role of YouTube's Chief Product Officer for the last seven years, has been vocal about being interested in exploring Web3 for a while now.

For Mohan, non-fungible tokens (NFTs) come across as the sure shot way for having art enthusiasts and collectors hold authentic and credible online artworks with complete ownership.

In a blog posted for YouTube last year, Mohan had noted that while technologies like the metaverse and NFTs need to be handled responsibly, they do have an ‘incredible potential' in terms of expanding the use-cases of currently popular Web2 services and products.

Under his role as the CEO, Mohan is hopeful that the metaverse revamp to YouTube could transform the gaming sector on the platform, making it more immersive.

Last year, YouTube had begun scouting for suitable people to join its Web3-focussed teams.

The platform did face some judgement because its plans to dabble with the Web3 elements like NFTs and metaverse contradicted its aim to go carbon-neutral.

As per last year's report by Poster Grind, a series of transactions emanating from a single NFT can consume a whopping 340kWh of energy. Poster Grind is a group of artists, designers, NFT creators, and art directors.

The market for NFTs, despite the environmental risks linked to it, registered a 16 percent growth so far this year.

The market for metaverse services could reach an estimated $800 billion (roughly Rs. 59,58,700 crore) over the next two years, research reports suggest.

YouTube's parent Google has also shown an inclination towards Web3 in recent times.

Last October, it announced a Cloud-based service called the Blockchain Node Engine for Ethereum projects and developers. The both hosts and automatically manages individual nodes that contribute to a blockchain's network.

The search engine giant also began adding new members to its Web3 team deployed in the Asia-Pacific (APAC) region.

In December 2022, Google appointed Rishi Ramchandani to lead its Web3 APAC team. The Indian origin techie was previously working at BlockFi, the digital asset lender that filed for bankruptcy in November last year.